CandleFocus Solana (SOL) 18% Monthly Gain Now Hangs in the Balance
2024-10-16
Author: Content Editor
Solana's price has posted an 18% rally in the past 30 days, but now faces the risk of a deeper pullback that could erase a substantial portion of those gains. The cryptocurrency is at risk of falling below the critical $150 support level, which could result in a net negative return for October. Historical patterns suggest that similar movements in Solana's price have often led to sharper declines. The Bollinger Bands and the Chaikin Money Flow indicators both support a bearish outlook, indicating increased selling pressure. If the price falls below the critical support level, Solana could see another double-digit decline. However, if it manages to hold above $150, a rebound towards $173 could be possible.
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